BlackBerry Reports Large Second Quarter Losses

Burning cash as it arranges for sale

Struggling smartphone maker BlackBerry reported a major net second quarter loss Friday and said it is burning cash at a higher rate as it moves to execute a tentative deal that could take the company private.

Revenue for the quarter that ended Aug. 31 was $1.6 billion, with a net loss of $965 million, or $1.84 a share. That compares with revenue of $2.9 billion and a loss of $229 million, or 44 cents a share, for the same quarter last year.